1. Increasing medical costs have created a financial crisis among insurancecompanies that provide medical benefits programs to major corporations. In anattempt to measure the cost of medical benefits to its employees, the personalmanager of a California-based manufacturing company randomly surveyed therecords of n=64 employees and recorded the medical insurance elaims by eachchosen employee for the previous 12 months. The result of this survey revealedan average total claim of $964 with standard deviation of $147.a. Estimate u the average annual medical claim per employee and place a 95%bound on the error of estimationb. The insurance carrier for the California-based manufacturing company hasinformed corporate officials that coverage will be continued only if it canbe shown that the average employee claim does not exceed $900. Based onthe above information what do you conclude? Test by using a = 0.05.

The random variable annual medical claim per employee follows normal distribution. We have to…

Answered: 1. Increasing medical costs have…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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VerbalGREScores. The Graduate Record Examination (GRE) is a standardized test that students usually take before entering graduate school. According to the document GRE Guide to the Use of Scores, a publication of the Educational Testing Service, the scores on the verbal portion of the GRE have mean 150 points and standard deviation 8.75 points. Assuming that these scores are (approximately) normally distributed, a. obtain and interpret the quartiles.b. find and interpret the 99th percentile.
In a study investigating the effect of car speed on accident severity, 5,000 reports of fatal automobile accidents were examined, and the vehicle speed at impact was recorded for each one. For these 5,000 accidents, the average speed was 44 mph and the standard deviation was 17 mph. A histogram revealed that the vehicle speed at impact distribution was approximately normal. (Use the Empirical Rule.) (a) Approximately what percentage of these vehicle speeds were between 27 and 61 mph? approximately % (b) Approximately what percentage of these vehicle speeds exceeded 61 mph? (Round your answer to the nearest whole number.) approximately %
In a study investigating the effect of car speed on accident severity, 5,000 reports of fatal automobile accidents were examined, and the vehicle speed at impact was recorded for each one. For these 5,000 accidents, the average speed was 42 mph and the standard deviation was 12 mph. A histogram revealed that the vehicle speed at impact distribution was approximately normal. (Use the Empirical Rule.) (a) Approximately what percentage of vehicle speeds were between 30 and 54 mph? approximately % (b) Approximately what percentage of vehicle speeds exceeded 54 mph? (Round your answer to the nearest whole number.) approximately %
A team of ten (10) construction workers who are working on a project are classified according to the skill levels, Classes A to D. The table below shows the number of workers in each of the four (4) classes and their respective hourly pay-rate. Pay-rate (Rands/hour) Number of workers Class A 80 Class B 60 Class C 55 Class D 50 4. Calculate the mean hourly pay-rate for the 10 workers. A. R24.50/hour B. R57/hour C. R57.50/hour D. R61.75/hour
An insurance company wants to make sure that its best customers (those with lowest value of insurance claims) stay with the company. To achieve this goal, the company plans to offer a 10% discount on the annual health insurance premium for customers with the lowest 20% of annual health care expenses. If the average annual health care expenses for a family of four is $3,650 with a standard deviation of $975, what is the amount of the maximum annual health care expense that will qualify for the proposed discount?
Suppose there is a city where the mean cost per month of a one-bedroom apartment is $1,500, with a standard deviation of $250. Approximately what percentage of one-bedroom apartments in the city cost between $750 and $1,000?
solve the following problems Based on a survey, the mean weekly allowance of the Grade 11 students of XZY University is ₱750.00 with a standard deviation of ₱100.00. Assuming that the weekly allowance is normally distributed, what is the z-score of a student with a weekly allowance of: a. ₱950.00 b. ₱600.00
5. A. Draw a bell-shaped curve and label the axis with the 7 values including the mean of 500 in the center and the other 6 values of 1. 2, and 3 standard deviations away from the mean B. Approximately what percentage of data values fall below 500? C. Approximately what percentage of data values fall between 400 and 600 ? D. Approximately what percentage of data values fall between 300 and 700? E. Approximately what percentage of data values fall between 200 and 800? F. Approximately what percentage of data values fall above 600? G. Approximately what percentage of data values fall below 200? H. Approximately what percentage of data values fall between 400 and 700 ?
2. The average gasoline price of one of the major oil companies has been $1.00 per gallon. Because of shortages in production of crude oil, it is believed that there has been a significant increase in the average price. In order to test this belief, we randomly selected a sample of 36 of the company's gas stations and determined that the average price for the stations in the sample was $1.04. Assume that the standard deviation of the population (o) is $0.12. a) State the null and the alternative hypotheses for testing the belief. b) Describe a Type I error and a Type II error for this situation. c) What is the critical value at a = .05? d) what's your What is the t-statistic or z-statistic associated with the above sample results?

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